With the rapidly changing nature of the coronavirus outbreak, information and advice from the government is changing on a daily basis. In the latest response to the outbreak, the Chancellor has introduced various coronavirus business support initiatives which will be very welcome to businesses who may possibly be experiencing financial concerns. These measures include:
A Coronavirus Business Interruption Loan Scheme
To support businesses experiencing difficulty through this current period, an additional £2.2 billion funding support for small businesses that pay little or no Business Rates (SBBR) has been announced.
There will also be a refund for businesses and employers required to access Statutory Sick Pay, and there will be a 100 per cent business rates discount for the next 12 months for both the hospitality and leisure industries.
In the Budget the chancellor of the Exchequer acknowledged that because of the coronavirus some Business owners and the self-employed may have difficulty in meeting their VAT, Payee and Tax obligations on time.
As a consequence, the HMRC has opened a dedicated Helpline to assist. The number of the helpline is 0800 0159 559. Some 2,000 experienced HMRC staff are available on the helpline but it is not completely clear whether this is additional resource or a deployment.
The helpline can assist with:
- setting up a time to pay arrangement,
- suspending debt collection proceedings, and cancelling late payment penalties and (unusually) interest.
Steve Barclay has announced that the IR35 tax reforms would be pushed back by one year to April 2021 which I am sure will be of great relief to many. The government has announced that the move is part of a broad package of measures the Treasury has announced to protect the economy from the coronavirus outbreak.
Here to support you…
We hope the overview above has been of use and while these measures will be of comfort for many, we are on hand to support you through any questions you might have and how the coronavirus business support measures might or might not be of benefit to your business.
Please don’t hesitate to contact our team if we can help and whilst we are careful about having face-to-face meetings we are available by phone or conference calls.
We remain open and continue to provide a full service of both turnaround and business advice and in the event we have to work remotely, all the partners’ contact details can be found by clicking here.
The most important thing is to keep you and your family safe.
Stephen Wainwright FIPA
Poppleton & Appleby Northern